Home Appraisal and Sales: Define Bedroom - 08/31/07 12:13 PM
In Las Vegas, a question that common arises to real estate agents is how many bedrooms a house really has. Often a space is classified a den or an office. It may just be a room. However, when listing a house the typical guidelines is the room should have two exits (i.e. a door and a window or two doors). It should also have a closet space in newer homes (some older homes may classify as having bedrooms because they were built without closets so owners could use a freestanding wardrobe).There are actually varying codes and guidelines but those listed above … (0 comments)
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Fatmouthnews.com - Cross Marketing for Real Estate Agents - 08/31/07 11:27 AM
An article in Realtor Magazine featured Steve Saunders. He started a company, www.fatmouthnews.com/, that sends out e-newsletters to specified email lists when a group of local businesses want to split marketing costs and get out to a broad market.The concepts seems simple and fairly inexpensive. Has anyone used the service? If so, how has it worked?
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Home Investors Invite a Down Market - 08/31/07 11:15 AM
Realtor Magazine published an article claiming a down market is a great time for investors to get in the game. It almost seems obvious, right? Buy low, sell high. However, many people become fearful during a down market. And, they become greedy during a strong market. What ends up happening is they buy high and end up in trouble when the market softens.
Every market at every time has its share of good investments. In fact, many smart real estate investors recognize that there's more opportunity in a downturn than in a market upswing.If you are planning to invest, time your move … (0 comments)
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FIBA Plays in Las Vegas - 08/29/07 04:41 PM
The US is ranked number 1 in the International Basketball Federation, FIBA or 'Fédération Internationale de Basketball Amateur' in French. They are playing in Las Vegas. Kobe, James, Stoudemire, Anthony, among other superstars have been showing their stuff on the court as they stand in the quarter final round. If you plan to catch a game on ESPN2 or ESPN you can find the schedule.There are many events and adventures attracting residents to Las Vegas. The jury's still out on the valley receiving its own pro basketball team...more news to come.
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Las Vegas Warmington Homes Celebrates Decade - 08/29/07 04:07 PM
Las Vegas new home builders have been very successful in the valley in recent years. Many have grown a great deal. Some have merged or been bought out.A decade ago the Warmington Group established Warmington Homes Nevada. Since, they have built some 2,000 homes. In the past, Warmington was know for "building for the stars". Now they have a strong image for building for the American family.According to the Review Journal:
The company has nine neighborhoods selling in the greater Las Vegas area representing a variety of product types, including estate-size residences, single-family detached homes and condominiums.
Single-family home neighborhoods in southwest Las … (0 comments)
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Las Vegas Sullivan Square Wins Award - 08/28/07 05:31 PM
Sullivan Square, a new home developer in southwest Las Vegas, won the award for Best Overall Model Home. They were selected by the public and were recognized by the state-wide real estate community.They have established a great image for their products and communities. A visit to their showroom provides a view into their professional appearance and demeanor. Their model homes show extremely well indicating a great housing product.Read more regarding their award.
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Las Vegas Named #1 Adventure City - 08/28/07 05:21 PM
Las Vegas is the world's entertainment capital. If you want an adventure, Las Vegas is the place. Residents are moving to the valley in droves. Besides a strong job market and great living adventurous activities and outings are plentiful. Whether people enjoy clubbing, dancering (of any sort), sports, gaming, etc. there is a place for you.One of the overlooked elements of southern Nevada is the outdoor lifestyle. Las Vegas was recently listed #1 as a top adventure town. World-class climbing, biking, offroading, hiking, fishing, camping, etc. attract assute outdoorsmen.Many who purchase real estate in the valley do so because of the … (2 comments)
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US Wins Little League World Series - 08/27/07 12:32 PM
As a Little League coach in Las Vegas it was exciting to hear about the US Little League World Series win this weekend. Warner Robbins, Ga. came back from an early deficit to beat Tokyo with a walk-off homerun. From the sounds of the report the event was quite emotional and quite touching.The US has won the world title 3 years in a row. That is the longest streak since 1966.
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Advanced Technology Enhances $100 Bill - 08/27/07 12:18 PM
We have talked frequently on our real estate blogs about how technology has enhanced our businesses. Other industries are finding new handy technology. Counterfeiting has become a considerable threat to the US currency system.Yahoo reported that the $100 bill is set to undergo a change in appearance and security. Tiny lenses will cause a morphing affect in the presidential image. The technique is difficult to reproduce and expensive to implement. Counterfeiting will become extremely difficult to do.
"The government says $118.1 million in counterfeit U.S. currency was detected in 2006, an increase of 3.8 percent from 2005.
While that is a fraction … (0 comments)
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Share of Online Searches - June and July - 08/27/07 12:01 PM
Most Realtors have a website or two. Every one of them wants to know how it's doing. Well, certain search engines produce much better results for a site than others. Here are some recent graphs on how search engines have performed in recent months. Each search engine uses its own algorithm too so it's important to optimize accordingly...IMHO.If you are looking for other website development tips, especially for the DIY site, check out this web design tips site.
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New Home Sales Rise - 08/24/07 12:25 PM
According to several news sources, new home sales increased in July. The rise was minimal but it was a significant indicator that the housing market still has life in it. Markets are typically driven by greed and fear. The stock market recently plunged because of the fear of some. However, the local economy and the world economy show enough strength and growth that the cyclical downturn will be short lived. Many are trying to predict changes in home buyer sentiment. The opportune time to buy is coming soon if not here already.Keep an eye on market reports (click for Las Vegas … (0 comments)
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Taking Advantage of Home Builder Incentives - 08/23/07 11:11 AM
Home builders in Las Vegas have resorted to giving huge incentives to unload home inventory. National reports show builders in many parts of the country are throwing in pools, closing costs, and other perks to move the properties. However, there can be danger in accepting such incentives.When a builder holds a sales price steady on a home or group of homes they understand that they don't want appraisal prices in the area or overall prices of their homes to drop. Sales numbers affect their reputation so they want to keep them as high as possible. So, what if home prices are … (3 comments)
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Speeding Ticket Myths - Getting Out of a Ticket - 08/23/07 10:52 AM
We hear all the time that we can get out of speeding tickets for all sorts of reasons. Well, here are some resources to confirm or deny those myths.
8 Top Traffic Ticket Myths http://www.dmv.org/traffic-tickets.phpAnd if you live in Nevada here are some other resources.
http://www.co.clark.nv.us/ClarkCountyCourts/index.html http://www.trafficschoolinnevada.com/Resources for other helpful items.
http://www.hildrethhome.com/lasvegasinformation/lasvegascommunitylinks.phpSeems like the point here is to not get caught in the first place but if you do keep sharp eyes and ears and respond to the court dates or traffic school dates.
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Las Vegas Sellers' Real Property Disclosure - 08/22/07 12:09 PM
In Las Vegas, sellers are required to disclose details about the property they are selling. The requirement is found in the Nevada Revised Statutes. All sellers must fill out the form and deliver it to the buyer at least 10 days prior to the closing. As outlined by the Southern Nevada's Realtor Magazine there are only 4 exemptions:
the sale is by foreclosure pursuant to NRS 107 the sale is between co-owners of the property, spouses, or persons related within the third degree of consanquinity the sale is the first sale of a residence that was constructed by a licensed contractor the … (0 comments)
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Realtor Headshot Mosaic - 08/22/07 11:51 AM
Calling all Realtors: The NAR is celebrating its 100th year. They are building a digital mosaic of member headshots. They hope to gather as many pictures as possible. Go to http://www.thefaceofrealestate.com/ and add your picture. The instructions and requirements are there. It is easy to do.
If anyone happens to notice when they actually post the mosaic please drop a line or comment here...thanks.
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Housing Market - A Professional's Market - 08/22/07 11:31 AM
The National Association of Realtors expects its membership to decline for the first time in nearly a decade. The struggling housing market has caught part timers and agents with little experience off guard. The expenses to remain a Realtor are greater than the returns for many. It is a professional's market. Those who have built a strong clientelle, solid business model, and who have funds to continue to market and find serious leads are those who are surviving. Not all markets are the same but many are feeling the pinch of the latest slump. There is an upside. Those who are … (1 comments)
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Las Vegas Housing: Employer Assisted Housing Program - 08/20/07 03:32 PM
The Las Vegas housing market has seen some amazing times as it has set records in sales and appreciation. One issue has accompanied the increase in home values. Current potential buyers struggle to purchase. The GLVAR, the association of Realtors for Las Vegas, has put together a program to help employees of companies who participate in the Employer Assisted Housing (EAH) program.Companies that participate offer incentives to help employees establish housing. Some of the benefits may include:
down payment assistance monthly payment assistance credit repair educationEmployees may have to qualify in the following ways:
Work full time Attend a certified homebuyer education class … (1 comments)
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Foreclosure Purchase Guidelines - 08/20/07 03:20 PM
Las Vegas has seen its fair share of foreclosures in the recent past. Astute investors score big if they know what they are looking for and if they are patient. An article on News 3 in Las Vegas suggested some guidelines for investors looking to make a purchase at the court house.
Do your due diligence - Many times those buying a home have very little time to investigate problems. Previous residents are not always kind to a home. Liens - Some properties at auction come with tax liens that must be satisfied by the new buyer. Auction Dates - Auction dates … (0 comments)
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What if My Mortgage Company Goes Bankrupt? - 08/20/07 02:59 PM
Several lending companies have gone under. So what happens to those loans? According to MSNBC, mortgages (the contract between the lender and the payer) are the only assets a lender has. They have a few options if they become unviable: they can seek more capital to stay afloat, it can sell to another lender, or it can declair bankruptcy which gives it several other options.Mortgages are like other types of bond. Once the loan is originated, it has a face value and can be sold for more or less than that face value. If a company has to sell the loan … (0 comments)
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Helping Children Adjust for Back-to-School Schedule - 08/20/07 01:41 PM
For many, August 29th marks the start of the 07-08 school year in Las Vegas. Many habits have been formed throughout the summer and some of them are not conducive to sitting through school. Yahoo! posted an article with guidelines on helping children get back on track with their sleep schedules.
I have seen other articles out there with ideas on helping your children adjust to the school schedule before the first day gets here so they can hit the ground running.
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Housing Starts and Permits Statistics - 08/17/07 01:13 PM
Many are curious about current construction efforts. Starts are down but it doesn't appear they will remain that way. We are in an interesting time when the news is escalating issues within the housing market. The causes are explained in several ways: example 1 and example 2.Where is the future of housing development? example A has an interesting outlook. It is going to take a year or two to clear things up. However, we're near the bottom of the trough. For savvy investors that signals action. What has to happen to rates? what will happen when the inventories are depleted? Several … (0 comments)
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In the News: Country Wide Taps Huge Credit Line to Stay Liquid - 08/16/07 11:41 AM
Yahoo! reported that Countrywide drew on an $11.5 billion credit line to aid in its liquidity.
"The fact Countrywide did this shows how disrupted capital markets have become," said Christopher Wolfe, managing director at Fitch Ratings, which downgraded Countrywide's debt ratings. "It may force Countrywide to reduce lending and migrate toward safer loans, and affect earnings from originations."There hasn't been a better time to have great credit and a strong down payment. If you are looking to purchase a home you'll need to have your ducks in a row. Get ahold of your agent to see what your situation looks like. … (2 comments)
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20 Things that Change the Value of Your Home - For Positive or Negative - 08/16/07 11:30 AM
Yahoo! recently posted an article on the topic of home improvement potential. Surprisingly, some improvements actually decrease your home's value. Yahoo! suggested these as things to do to increase the value:1. An updated kitchen2. Modern bathrooms3. A well-appointed master suite4. Natural materials5. Curb appeal6. A light, airy spacious feel7. Good windows8. Landscaping9. Lots of storage10. BasementThey suggested the following as downers:1. A pool2. No garage or small garage3. Garbled floor plan4. Outmoded appliances or systems5. Stale or overly personal decor6. A bad roof7. Bad location8. Poor maintenance9. Environmental hazards10. A long list of needed home improvementsWhile selling Las Vegas real estate … (1 comments)
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Clear Play a Great DVD Player Choice - 08/15/07 11:46 AM
OK, in order to make this real estate related because my blogs are realty themed, I am going to go at this from the stand point of a home owner. :)Like many, we try to be responsible parents so our kids will be productive citizens. Well, we found a way to enjoy movies in our home without the swearing and the "block the eyes" scenes.We have a front projector and a huge screen. We've only been to the movie theator once in 2 or 3 years because we are patient enough to enjoy the blockbusters on our theator like environment. We … (0 comments)
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Mark Cuban on the Real Estate Industry - Taking a Home Public - 08/15/07 11:27 AM
Whether or not you like Mark Cuban he has made some savvy business decisions over the years. His blog has become a widely read forum. He recently proposed an idea to help home owners heading toward foreclosure. I'm interested in what you think.Generally, he suggest taking a home public by allowing a new regulated industry "purchase shares" in the home. What this would do is reduce the risk and the payment responsibility of a home owner in order to make housing more affordable. Investors would buy the shares up to a 40% equity position in anticipation of the appreciation. Home owners … (3 comments)
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Many Investors Hit Hardest by Mortgage Issues - Do the Research First - 08/15/07 11:16 AM
As many know, Las Vegas has seen more than its fair share of foreclosures and taken a wrap for the outcome of the mortgage industry. More and more sources are suggesting that investors are taking the hardest hit by the adjustment in the market. When the boom of 2003 occurred a lot of people made a lot of money. Like with any boom, people followed the trend and jumped in because they saw so many doing so well. Investors gobbled up the available housing stimulating the appreciation even more. Well, those on the back end of the run financed their homes … (2 comments)
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Coyote Springs (New Town North of Las Vegas) Introduces Website - 08/13/07 02:24 PM
Coyote Springs is a new town/community some 50 miles north of Las Vegas on I-93. Hundreds of homes are scheduled to be built around golf courses, parks, and other great community features. The homes are scheduled to be on sale in 2008.The investment group recently released their new website (skip the intro) with pictures and details. Whether residents are moving to Las Vegas or surrounding areas there are some really cool communities and real estate opportunities.
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Don't Get Duped by Moving Scam - 08/13/07 02:09 PM
A recent story in the news depicted a family who hired a moving company to relocate to Las Vegas. They driver came to gather all of their belongings and instead of delivering them to the new home he put them in a storage facility. He kept the money intended to pay for the storage and the family's belongings were auctioned off. They lost everything and the storage facility had nothing to go on other than the driver's word that he represented the family.The news channel suggested investigating a moving company at the following website: http://www.tsa.nv.gov/. Be sure the company is legit … (1 comments)
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New Homes and Fire Sprinklers - 08/13/07 01:42 PM
In an attempt to make homes safer, some builders are giving the option of fire sprinklers in a residential residence. Recently, the delegates to the International Code Council voted down a proposal to require fire sprinklers in new construction.As technology expectations in homes improves there will likely be a day when it will be standard for a home to have sprinklers throughout the home. Families will be safer, or will they.A teenager ambitious to "see how things work" may trip a system costing a family thousands in damage. A system malfunction may also result in expensive repairs.However, those risks may be … (0 comments)
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Green Home Construction Up 50% - 08/13/07 01:34 PM
Realtor Magazine reported that the construction of green homes is up 50%. Using "green techniques" to build a home mean the builder minimizes waste and emphasizes the use of sustainable materials, among other factors.With as many homes as are built annually it's good to keep a conservationalist mentality. Several builders in Las Vegas have implemented green policies to do their part.
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Moving Tips and Challenges - 08/09/07 10:53 AM
Moving can be a daunting experience. How often do you think after a move, "On the next move I am hiring a company to do it!" It's a lot of work. However there are some tips to keep in mind when packing, moving, and re-establishing. Here are a couple of articles to help you get the job done efficiently:
News 3's Tips Links Top 10 Tips to Moving Top 10 Challenges and SolutionsAs you relocate to a new home be safe and enlist as much help as you can.
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Mt. Charleston Get Away - 08/09/07 10:29 AM
Mt. charleston is only 30-60 minutes from Las Vegas, depending on which community you live in. The roads to get there are paved and there is plenty of signage to help visitors make their way around. There are 2 well known canyons: Kyle Canyon and Lee Canyon. They are connected by the road on the east side of the mountain.Mt. Charleston has some of the best real estate for sale in the area. Stunning views, secluded lots, and mountain style homes are a drastic change from common housing in the valley. There are homes ranging from under $1 million on up … (0 comments)
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Selling a Home? Disclose, Disclose, Disclose - 08/08/07 06:25 PM
Home sellers become much safer from potential litigation and headaches by disclosing any issues or items with a home during the due diligence period or any period for that matter. When a home owner puts his/her house on the market they should take special time on and documentation the real estate agent suggests for property disclosure. Make sure everything is in the open that needs to be.Each real estate market has its own legal requirements for real property disclosure. In some cases, there are some gray areas. A lawyer or a Realtor will be valuable resources when advising or guiding a … (1 comments)
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Life Style: Getting Married in Las Vegas - 08/08/07 06:10 PM
Las Vegas communities offer great amenities. A feature that may be overlooked, because of the famous chapels on the Strip, is the wedding settings. Whether it be on a golf course in Aliante or a golf club in Summerlin, there are amazing facilities and scenes for a couple to get married in.Couples can choose locations with backdrops like lakes, the Las Vegas skyline, or other outdoor scenes. We've seen weddings at sunset with the ducks in the background, weddings on acreage of lawn with trees in the surroundings, and weddings in chapels in the hotel casinos on the Strip.Those who are … (0 comments)
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Are Home Builders Responsible for Home Lending Strife? - 08/07/07 05:55 PM
There are stories out there about home builder mortgage companies. We had a client who emotionally settled into a house here in the Las Vegas valley. It was a great deal for them but they had one problem: they didn't quite qualify for the loan they needed and didn't want to pay for a higher interest loan. The builder said they would take care of it and that everything would close fine.The couple returned to Europe planning to follow the instructions of the lender to finalize the deal. When the docs arrived they took them to a lawyer and he flagged … (1 comments)
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Tighter Lending Policy to Put Choke Hold On Economy - 08/07/07 05:34 PM
Articles we've read and lenders we are talking to are commonly suggesting loan troubles have just begun. Many programs have been removed from the lending table because in many cases the funds have been stretched thin. Mortgage companies have had to file for bankruptcy protection and many are closing offices to slow the bleeding.The result of such an impact is that new policy is being made to add restrictions for those qualifying. Few nothing-down programs or anything short of full-doc programs are out there. One lender we talked to said that it will get worse before it gets better. She even … (1 comments)
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Zero-Down Loans Disappearing - 08/06/07 12:32 PM
Financing has become hard to come by. Lenders are tightening their programs almost to the point of prohibiting any buyer without a significant down payment to purchase a home. Zero-down loan programs are nearly inpossible to find according to several Las Vegas lenders. There is very little secondary market for the loans so no one will originate them.The NAR says that 4 of 10 home buyers in 2005-2006 used some type of no money down loan. According to an article on MSNBC, millions of potential home buyers will be left without the option to purchase until they are able to reserve … (2 comments)
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Las Vegas Market Watch (2007 July Month End) - 08/06/07 12:16 PM
Summary: Number of homes sold is down, buyer's market continues to heat up. Listings inch up.Las Vegas Listings: (view chart)Listing numbers grew in July adding to the pressure on sellers. Home buyers have been waiting for their prime opportunity to jump into a home.Las Vegas Market Strength: (view chart)The number of homes sold were down but on the three month average the market hasn't yet shown weakness compared to the national market.Las Vegas Resale Homes Sold: (view chart)The number of homes sold this last month was the lowest it has been in months. Tighter lending restrictions have narrowed the field of … (0 comments)
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Congrats to Baseball Greats: A-Rod, Bonds, Glavine - 08/06/07 12:03 PM
The great thing about blogging is that you can write about what you want when you want. Today's tribute goes out to some baseball greats: A-Rod, Bonds, Glavine. I plan to look at the positive feats these three have accomplished, although there is plenty to complain about.Ignoring a strong personality and demands A-Rod has impressed us with his feat of 500 homers as the youngest in the club.http://www.msnbc.msn.com/id/20123125Ignoring a ton of controversy Bonds has still knocked 755 baseballs out of the park. He has tied arguably the biggest statistical number in sports. A-Rod may catch him but for now he's on … (0 comments)
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Gun Shooting Areas in Las Vegas - 08/06/07 11:40 AM
For those who enjoy target practice with their fire arms in Las Vegas there are several options for safe shooting. Several gun ranges, both private clubs and public ranges, are around. I recently went out to a very well used gully north of Las Vegas on the I-95. There were other sportsmen there and the floor of the gully was layered with casings and shells. The men I was with claime that the BLM has allowed open fire in the gully when it doesn't in many other areas. While I don't have confirmation on that fact, there were a considerable number … (0 comments)
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Deficient Bridges in Nevada - 08/04/07 01:28 PM
The bridge incident in Minneapolis has stirred up plenty of buzz in other states. MSNBC reported on the general status of bridges on a per state bases. As a resident of Nevada I was particularly concerned about bridges here: http://www.msnbc.msn.com/id/20099097I have seen articles suggesting that Las Vegas has well engineered bridges on its highways. The article expresses the safety factors.
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Immigration Factors Affect Housing - 08/02/07 02:19 PM
MSNBC resently wrote an article regarding the immigration impact on the national housing market. It affects Las Vegas housing considerably. Some reports have suggested that 1 in 6 home buyers is latin and a considerable number from other countries are calling the valley their home.The MSNBC article suggested significant impact:
"As many as half a million U.S. housing units are newly occupied each year by immigrants. In some parts of the U.S., immigrants account for more than 90 percent of all growth in housing demand."The article is a surprising find, especially if you are from one of the mentioned metro areas. … (2 comments)
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Rock Climbing in Red Rock Area Las Vegas - 08/02/07 01:13 PM
The Red Rock area in Las Vegas has world renown rock climbs. Besides being one of the more beautiful features of the valley, it draws some 1 million visitors per year. Some of these visitors come to enjoy the red colored sandstone rocks.The area is located just west of the Summerlin housing communities. It is just far enough away that Las Vegas is hidden from view. Climbers can get back into some of the more remote areas to get away.Many of the climbs are multipitch. There are easy climbs and bouldering and there are highly rated climbs. Several routes are established … (0 comments)
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Stave Off Foreclosure - 08/01/07 08:00 PM
Recently Las Vegas was reported as one of the highest rates of foreclosure. I talked to a guy who was going to be late on a payment and thought he was going to be thrown out so he just walked away from the home. I'm thinking, "What!?!?" I told him to go back and stick it out until he was asked to leave.Some people don't understand that missing payment or getting behind isn't the end of the world. The first thing to do is to contact the mortgage servicer immediately. Contact them and ask what options are available. In fact, call … (2 comments)
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Las Vegas Home Market Recovery - 08/01/07 02:53 PM
The drastic growth in housing inventory in Las Vegas has caused prices to dip some. Surprizingly, home prices have remained resilient compared to other markets in the US. The good news is that the Las Vegas market shows strong signs of recovery in the near future. A local representative of First American Title Co. recently held a meeting where team members were in attendance. A statement was made that some 60,000 jobs are slated for third quarter 2009 just for some of the projects on the Strip. An article in the RJ suggests the World Market Center will be a catalyst … (2 comments)
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Housing Market Affects Automotive Market, Among Others - 08/01/07 02:36 PM
A teammate recently bumped into an automotive industry professional here in Las Vegas who claimed the housing market was drastically affecting their business. An article in MSNBC confirmed that claim. Auto sales, among other industries, are heavily impacted by the slower construction and resale markets.This associate we know mentioned that auto sales success is tied to housing success much more than the would like to admit. When people can refinance and draw cash out of their homes to make purchase or sell a home and have some extra cash when buying the next home they make the big ticket purchases. When … (2 comments)
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